05-09-1994 EDA WS - Laserfiche WebLink

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. _ _ v _ . _ ____ _ � � - _ __ _ _ __ _ _ _ _. _..�:____ __ _ , ___ �� _ __ ___ ____ �_ _ . � r such Payment Date an amount equal to the lesser of (1) the Available Tax Increments (as hereinafter defined) and (2) the sum of (i) the accrued and unpaid interest hereon and (ii) the aggregate amount of the unpaid principal of this Note. The EDA shall have the option at any time to prepay in whole or in part the principal amounts of this Note at par plus accrued interest. All payments made by the EDA under this Note shall be applied first to pay accrued and unpaid interest on this Note and second toward payment of principal hereof. [5] The amounts due hereon shall be payable solely from certain tax increments (the "Tax Increments") which are paid to the EDA and which the EDA is entitled to receive and retain pursuant to the provisions of Minnesota Statutes, Sections 469.174 through 469.179, as the same may be amended or supplemented from time to time (the "Tax Increment Act"), from the EDA's Tax Increment Financing District No. 1(the "TIF District") within its Development District No. 2, both the TIF District and said Development District having been incorporated by the EDA into its Mounds View Economic Development Project. This Note shall terminate and be of no further force and effect on any date upon which the EDA shall have terminated the Development Agreement, on the last Payment Date (February 1, 2006) following payment thereon of the Available Tax Increments then due, or on the date that all principal and interest payable hereunder shall have been paid in full, whichever occurs earliest. [6] As used herein, the term Available Tax Increments, as of a Payment Date, means 85$ of those Tax Increments derived from the Improvements (as defined in the Development Agreement) and received by the EDA within the 6-month period preceding said Payment Date. The pledge of Available Tax Increments to the payment of this Note is junior and subordinate to the need and use thereof for payment of the Bonds, all as defined and described in the Development Agreement. [7] The EDA makes no representation or covenant, express or implied, that the revenues described herein will be sufficient to pay, in whole or in part, the amounts which are or may otherwise become due and payable hereunder. Any amounts which remain unpaid on this Note following the final Payment Date (February 1, 2006) shall no longer be a debt or obligation of the EDA whatsoever. [8] The EDA's payment obligations hereunder shall be further conditioned on the fact that there shall not at the time have occurred and be continuing an Event of Default under the Development Agreement, and, further, if pursuant to the occurrence of an Event of Default under the Development Agreement the EDA elects to terminate the Development Agreement, the EDA shall have no further debt or obligation under this Note whatsoever. 262545 .1 B � 2